• No results for your search

Intesa Sanpaolo: Consolidated Results Q1 2021

Intesa Sanpaolo: Consolidated Results as at 31 March 2021

Turin - Milan, 5 May 2021 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 31 March 2021 (°) (7) . Results for the first quarter 2021 confirm Intesa Sanpaolo’s ability to effectively face the challenging aftermath of the COVID-19 epidemic and are fully in line with the target of delivering a full-year net income well above €3.5bn. Results reflect Intesa Sanpaolo’s sustainable profitability deriving from a solid capital base and liquidity position, a resilient and well-diversified business model, the strategic flexibility in managing operating costs and the asset quality, with a low risk profile bolstering the support provided to Italy by the Group, which is also committed to becoming a reference model in terms of sustainability and social and cultural responsibility. Value generation for all stakeholders will be accreted by synergies estimated at over €1bn deriving from the merger of UBI Banca, successfully completed with no social costs, and by more than €6bn out of pre-tax profit devoted by the Group in 2020 to further strengthening the sustainability of results.

In the first quarter of 2021, the Group recorded: 
● net income at €1,516m 
● growth in gross income, up 22.2% on Q1 2020;
● growth in net fee and commission income, up 8.9% on Q1 2020;
● reduction in operating costs, down 2.6% on Q1 2020; 
● high efficiency, with a cost/income of 46.5% in Q1 2021 – a level that puts Intesa Sanpaolo among the best in the top tier European banks; 

The capital position was solid and well above regulatory requirements: Pro-forma fully loaded Common Equity Tier 1 ratio was 15.7% deducting dividends accrued in q1 2021 from capital. 
Credit quality improved. Gross NPLs were reduced by 0.8% on year-end 2020 and by around €32 billion since the end of 2017 exceeding by around €6 billion the €26 billion deleveraging target set for the entire four-year period of the 2018-2021 Business plan. NPL ratio was 4.4% gross and 2.3% net. Annualised cost of risk in q1 2021 decreased to 35 basis points.

Statement by Carlo Messina, CEO of Intesa Sanpaolo: https://group.intesasanpaolo.com/en/newsroom/news/all-news/2021/1q21-results-ceo-statement
Press release - First quarter 2021 results:



Do you need help?

We will answer all your questions

For purpose of creating better user experience www.pbz.hr uses cookies.

Cookie settings can be controlled and managed individually in your web browser. By clicking on "Cookie settings" customize your cookie settings.